This excerpt taken from the BRNC 10-K filed Mar 7, 2006.
17. Subsequent Events
On January 18, 2006, the Company completed the acquisition of six land drilling rigs and certain other assets, including heavy haul trucks and excess rig equipment and inventory, from Big A Drilling, L.L.C. The purchase price for the assets consisted of $16,300 in cash and 73 shares of our common stock. At closing, the Company also entered into a lease agreement with an affiliate of Big A Drilling under which it leased a rig refurbishment yard located in Woodward, Oklahoma. The lease has an initial term of six months, and the Company has the option to extend the initial term for a period of three years following the expiration of the initial term. The Company has the option to purchase the leased premises at any time during the term of the lease for $200.
On January 13, 2006, the Company entered into a $150,000 revolving credit facility with Fortis Capital Corp., as administrative agent, lead arranger and sole bookrunner, and a syndicate of lenders, which include The Royal Bank of Scotland plc, The CIT Group/Business Credit, Inc., Calyon Corporate and Investment Bank, Merrill Lynch Capital, Comerica Bank and Caterpillar Financial Services Corporation. The revolving credit facility matures on January 13, 2009. Loans under the revolving credit facility bear interest at LIBOR plus a margin that can range from 2.0% to 3.0% or, at our option, the prime rate plus a margin that can range from 1.0% to 2.0%, depending on the ratio of our outstanding senior debt to Adjusted EBITDA as defined in the agreement. Our outstanding borrowings under this revolving credit facility of $57,000 as of January 30, 2006 were used to fund a portion of the Big A Drilling acquisition, and to repay in full borrowings under our term loan with Merrill Lynch Capital and our revolving line of credit with International Bank of Commerce.
This excerpt taken from the BRNC 10-Q filed Nov 9, 2005.
13. Subsequent Events
On October 3, 2005, the Company purchased 12 rigs from Eagle Drilling, L.L.C. and two of its affiliates. This acquisition involved five operating rigs and seven inventoried rigs and rig equipment and parts for a purchase price of approximately $50,000.
On October 14, 2005, the Company purchased 13 land drilling rigs from Thomas Drilling Co. This acquisition involved nine operating rigs, two rigs currently being refurbished, two inventoried rigs and rig equipment and parts for a purchase price of approximately $68,000. In connection with this acquisition, the Company leased the use of an additional rig refurbishment yard for a six-month term, with the right to extend the term for an additional three years, and obtained an option to purchase the yard for $175. The purchase price was partially funded through a $50,000 loan from Theta Investors LLC, an entity controlled by Wexford. This loan was repaid in full on November 3, 2005 with a portion of the proceeds from the Companys follow-on common stock offering which closed on November 2, 2005. The Theta loan provided for maximum aggregate borrowings of up to $60.0 million bearing interest at a rate equal to LIBOR plus 400 basis points (7.98% at October 14, 2005, the date of the initial borrowing under this facility) until December 15, 2005, and thereafter at a rate equal to LIBOR plus 600 basis points.
On November 2, 2005, the Company closed a follow-on public offering of a total of 4,025,000 shares of common stock at a price of $23.00 per share. The offering included a total of 525,000 shares purchased pursuant to the underwriters overallotment option, which was exercised in full on October 31, 2005.